Anglo American Platinum, the world’s largest precious metals producer, plans to cut thousands of jobs at its South African mines.
The job cuts come a year after the company’s profits plunged 71%.
On Monday, Anglo American announced it would embark on a restructuring that could affect around 3,700 jobs or 17% of its South Africa’s workforce.
Anglo American CEO Craig Miller told Reuters the decision to restructure was “not taken lightly”.
“This is a last resort, especially as we are aware of South Africa’s unemployment problem and the socio-economic impact that the proposed restructuring may have on our people and the communities we belong to.”